April 7th, 2015 | Home Purchase
Today, our own local Chandler Reports on Local Housing Trends, published great news for Home Seekers in West Tennessee this Spring! Take a look at what they say:
A division of The Daily News, Chandler Reports has provided accurate and unbiased real estate data in Memphis and Shelby County for over 45 years.
Derived from our extensive Market Trendsreports, and public record information from The Daily News, the "Pulse Report" offers you a comprehensive overview of residential and commercial sales activity, foreclosure analysis, new housing trends and mortgage activity.
Memphis and Shelby County home sales were up 8% in March with 1,292 sales recorded for the month compared to 1,192 recorded in March 2014.
Average sales prices were up 2% to $143,458 compared to $140,476 last March.
Total revenue for the month was up 11% from last year to $185M compared to $167M.
Year-to-date home sales are down 1% from last year and total home sales revenue is up 7%.
March bank sales were down 29% from last year with 172 recorded for the month compared to 241 recorded in March 2014.
18 of 33 ZIP codes in the county had an increase in overall sales activity for March and 19 ZIP codes saw increases in average sales prices.
All of the municipalities had an increase in overall sales activity except for Germantown where home sales were down 17% and Millington where home sales were down 56% from last year.
Collierville (38017) had the most home sales for the month with 89 recorded averaging $286,367. Wellington Farms in Collierville had 5 home sales recorded for the month averaging $349,700...
47% of home sales in the county were valued under $100,000.
Home sales over $500K were down 6% from last March with 29 recorded for the month compared to 31 recorded in March 2014.
Residential Foreclosure Analysis
Residential foreclosures were up 26% in March with 289 recorded compared to 229 recorded last year.
The average amount of a foreclosed property was $78,544 and the average tax appraisal value was $114,428.
Foreclosure activity was up in virtually every municipality. Foreclosures in the city of Memphis were up 24% from last year with 212 recorded.
Foreclosure notices were down 3% for the month with 432 recorded compared to 444 recorded last March.
Frayser (38127) had the most homes in foreclosure inventory at the end of the month with 128 properties valued at $5.4M.
Southeast Shelby County (38125) had the highest foreclosure inventory value of $13.2M across 85 properties.
Fannie Mae had the most homes in foreclosure inventory with 255 valued at $26.9M.
New Housing & Builder Activity
New home sales were up 15% in March with 63 sales recorded for the month compared to 55 recorded last year.
The average sales price of a new home was down 4% from last March to $245,905.
Arlington/Lakeland (18), Cordova South (12) and Bartlett/Ellendale (11) had the most new home sales recorded for the month.
88 new home permits were filed in February 2015, up 22% from last year.
38125 (27), 38135 (18) and 38002 (13) had the most new home permits filed in February.
Kevin Hyneman was the top ranking builder in February by new home permits with 24 filed for the month averaging $87,409.
Regency Home Builders was the top builder for new home sales with 11 total averaging $293,692.
Mortgage Trends & Lending Analysis
There were 724 residential loans filed at the time of sale in March, up 19% from last year.
The average mortgage amount was up 3% to $173,728 with an average sales price of $195,258 making the average loan to value ratio 89%.
Collierville (38017) had the most loans recorded at the time of sale with 76 loans total averaging $297,823.
467 loans filed were conventional fixed rate, 179 were FHA fixed rate, 15 were VA fixed rate and 9 were short term loans, loans due within one year.
Fayette & Tipton County Market Trends
Fayette County home sales were down 15% from last March with 44 sales recorded compared to 52 recorded last year. Average sales prices were up 2% to $187,005. Oakland (38060) recorded the most home sales for the month with 23 total averaging $174,205.
Tipton County home sales were unchanged from last year with 67 recorded for the month. Average sales prices were up 1% to $109,364. Munford (38058) had the most home sales in March with 17 total averaging $120,550.